Sunday, June 16, 2019

Sacramento Housing in May: Sales Down 6% YoY, Active Inventory DOWN 8% YoY

by Calculated Risk on 6/16/2019 08:20:00 AM

From SacRealtor.org: May sees increase in sales, inventory

The month ended with 1,630 total sales, a 9% increase from the 1,496 sales of April. Compared to the same month last year (1,730), the current figure is down 5.8%.
...
The Active Listing Inventory increased 10.5% from 2,094 to 2,314 units. The Months of Inventory, however, remained at 1.4 Months. [Note: Compared to May 2018, inventory is down 7.8%] .
...
The Median DOM (days on market) dropped for the third month, decreasing from 11 to 10 from April to May. The Average DOM also decreased, dropping from 29 to 25. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.”
emphasis added
1) Overall sales decreased to 1,630 in May, down from 1,730 in May 2018. Sales were up 9.0% from April 2019 (last month), and down 5.8% from May 2018.

2) Active inventory was at 2,314, down from 2,509 in May 2018. That is down 7.8% year-over-year.  This is the first YoY decline in 20 months.

Inventory is still low - months of inventory is at 1.4 months, probably closer to 4 months would be normal.